Protecting Americans From Tax Hikes Act of 2015

 

On December 18, 2015, Congress passed and President Obama signed into law the "Protecting Americans From Tax Hikes Act of 2015" which was part of the Consolidated Appropriations Act, 2016, also know as the omnibus spending bill (H.R. 2029)." This act EXTENDS certain deductions and credits that had expired on December 31, 2014 and also makes certain deductions and credits PERMANENT. Below is a list of the most popular items that were extended.

  • Sales Tax Deduction

  • Mortgage Insurance Premium (PMI) Deduction

  • Exclusion of Income for Mortgage Debt Forgiveness

  • Above-the-Line Educator Expense Deduction (Teacher Classroom Expense)

  • Above-the-Line Tuition & Fees Deduction

  • 10% Nonbusiness Energy Property Credit For Home Improvements Such as Exterior Windows & Doors, Certain Asphalt and Metal Roofs, Insulation, Hot Water Boilers, Heat Pumps, and Central Air Conditioners

  • Tax-Free Distributions from IRA's for Charity

  • Employer-Provided Mass Transit and Parking Benefits

  • 50% Bonus Depreciation

  • Increased Small Business Expensing Under Internal Revenue Code Section 179 from $25,000 to $500,000

  • 15-Year Straight-Line Recovery for Qualified Leasehold Improvements, Restaurant Buildings, and Retail Improvements

  • Research Credit

  • Wind Energy Credit

  • Biodiesel and Renewable Diesel Incentives

  • Work Opportunity Tax Credit

  • Special Expensing Rules for Certain Film and Television Productions

  • 100% Exclusion for Small Business Stock

  • Basis Adjustment to Stock of S Corporations Making Charitable Contributions of Property

  • Reduction in S Corporation Recognition Period for Built-In Gains Tax

  • Empowerment Zone Tax Incentives

  • Incentives for Alternative Fuel

 View the Entire Act Passed By Congress and Signed into Law

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